Rep. Patrick McHenry (R-NC) and Chairman of the House Financial Service Committee Maxine Waters (D-CA) listen as David Marcus, CEO of Facebook’s Calibra, testifies on “Examining Facebook’s Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System” on Capitol Hill in Washington, U.S., July 17, 2019.
- The House Financial Services Committee has announced that its first hearing on the failures of SVB and Signature Bank will be March 29.
- Martin J. Gruenberg, FDIC board of directors chairman, and Michael S. Barr, vice chair for supervision for the Federal Reserve board of governors, are scheduled to testify.
- The committee's announcement follows President Joe Biden's request to Congress to allow regulators to claw back compensation from executives of failed banks.
WASHINGTON — The House Financial Services Committee on Friday announced its first hearing on the failures of Silicon Valley Bank and Signature Bank.
Martin J. Gruenberg, chairman of the FDIC board of directors, and Michael S. Barr, vice chair for supervision for the Federal Reserve board of governors, are scheduled to testify at the March 29 hearing. More witnesses may be added, the committee said in a statement.
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The announcement follows President Joe Biden's request to Congress on Friday to allow financial regulators more authority to claw back compensation from executives at failed banks.
The Federal Deposit Insurance Corporation seized SVB's deposits March 10 hours after the bank's executives received bonuses. Regulators shut down cryptocurrency-focused Signature Bank on Sunday to stem a systemic risk.
Committee Chairman Patrick McHenry, R-N.C., and Ranking Member Maxine Waters, D-Calif., said House Financial Services is "committed to getting to the bottom of the failures" of the banks.
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"This hearing will allow us to begin to understand why and how these banks failed," the lawmakers said. "As Chairman and Ranking Member, we take our oversight duties seriously. We are working around the clock to deliver answers to the American people in order to protect depositors, promote the safety and soundness of America's banks, and strengthen our financial system. We will conduct this hearing without fear or favor to get the answers the American people deserve."
